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A House panel voted to hold Attorney General Eric Holder in contempt of Congress. Republican presidential hopeful Mitt Romney told a Latino group he would replace and supersede President Barack Obama’s immigration plan. Federal Reserve officials extended a program known as “Operation Twist” and said they were prepared to do more if necessary to spur job growth. Doyle McManus of the Los Angeles Times, Jeanne Cummings of Bloomberg News and Ari Shapiro of NPR join guest host Terence Smith for analysis of the week's top national news stories.
Moody's downgraded the long-term credit ratings of 15 major U.S., Canadian and European banks Thursday, including five of the six largest American banks. Our panel discussed what it means for the U.S. economy and consumers. "It reflects the continuing fears that Europe's financial crisis is not over, that the banking system is still fragile," said Los Angeles Times columnist Doyle McManus. Jeanne Cummings, deputy government editor for Bloomberg News, said the downgrade reflected the lack of confidence in economic growth projections. Ari Shapiro, White House correspondent for NPR, described the Federal Reserve's Operation Twist monetary policy as "economic jujitsu."